Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2022

(In Thousands)


				Initial Cost						Subsequent Capitalized Additions						Total Cost
Location and Description of Property	Date Acquired	Encumbrances		Land and Land Improvements		Buildings & Improvements		Permanent Plantings		Land Improvements		Buildings & Improvements		Permanent Plantings		Land and Land Improvements		Buildings & Improvements		Permanent Plantings		Total(1)		Accumulated Depreciation(2)
Santa Cruz County, California: Land & Improvements	6/16/1997	$	7,456	$	4,350	$	—	$	—	$	—	$	622	$	—	$	4,350	$	622	$	—	$	4,972	$	(408)
Ventura County, California: Land, Buildings & Improvements	9/15/1998	29,055		9,895		5,256		—		—		365		—		9,895		5,621		—		15,516		(4,756)
Santa Cruz County, California: Land & Improvements	1/3/2011	6,502		8,328		—		—		443		545		—		8,771		545		—		9,316		(230)


Hillsborough County, Florida: Land, Buildings & Improvements	9/12/2012	—		2,199		1,657		—		14		1,780		—		2,213		3,437		—		5,650		(1,654)


Monterey County, California: Land, Buildings & Improvements	10/21/2013	4,660		7,187		164		—		180		2,998		—		7,367		3,162		—		10,529		(964)


Cochise County, Arizona: Land, Buildings & Improvements	12/27/2013	1,260		6,168		572		—		8		5,697		—		6,176		6,269		—		12,445		(1,739)

Santa Cruz County, California: Land, Building & Improvements	6/13/2014	1,220		5,576		207		—		—		27		—		5,576		234		—		5,810		(206)

Ventura County, California: Land, Buildings & Improvements	7/23/2014	887		6,219		505		—		—		85		—		6,219		590		—		6,809		(305)
Kern County, California: Land & Improvements	7/25/2014	1,044		5,841		67		—		—		974		—		5,841		1,041		—		6,882		(491)
Manatee County, Florida: Land, Buildings & Improvements	9/29/2014	—		8,466		5,426		—		—		1,407		—		8,466		6,833		—		15,299		(4,266)
Ventura County, California: Land, Buildings & Improvements	10/29/2014	14,802		23,673		350		—		—		2,280		—		23,673		2,630		—		26,303		(872)
Ventura County, California: Land & Improvements	11/4/2014	3,180		5,860		92		—		—		2		—		5,860		94		—		5,954		(77)
Monterey County, California: Land, Buildings & Improvements	1/5/2015	10,673		15,852		582		—		(156)		1,488		—		15,696		2,070		—		17,766		(958)
Manatee County, Florida: Land, Buildings & Improvements	3/10/2015	—		2,403		1,871		—		—		369		—		2,403		2,240		—		4,643		(1,418)
Hendry County, Florida: Land, Buildings & Improvements	6/25/2015	10,356		14,411		789		—		—		—		—		14,411		789		—		15,200		(661)
Rock County, Nebraska: Land, Buildings & Improvements	8/20/2015	—		4,862		613		—		—		—		—		4,862		613		—		5,475		(493)
Holt County, Nebraska: Land, Buildings & Improvements	8/20/2015	—		4,690		786		—		—		—		—		4,690		786		—		5,476		(453)
Kern County, California: Land & Improvements	9/3/2015	15,350		18,893		497		—		688		6,464		1,418		19,581		6,961		1,418		27,960		(2,889)

Cochise County, Arizona: Land, Buildings & Improvements	12/23/2015	—		4,234		1,502		—		142		3,779		—		4,376		5,281		—		9,657		(1,380)
Saguache County, Colorado: Land, Buildings & Improvements	3/3/2016	13,787		16,756		8,348		—		—		1,486		—		16,756		9,834		—		26,590		(6,153)
Fresno County, California: Land, Improvements & Permanent plantings	4/5/2016	7,539		3,623		1,228		11,455		28		1,097		(25)		3,651		2,325		11,430		17,406		(3,772)
Saint Lucie County, Florida: Land, Buildings & Improvements	7/1/2016	2,559		4,165		971		—		—		—		—		4,165		971		—		5,136		(631)

Baca County, Colorado: Land & Buildings	9/1/2016	3,289		6,167		214		—		—		—		—		6,167		214		—		6,381		(90)
Merced County, Colorado: Land & Improvements	9/14/2016	7,236		12,845		504		—		—		190		—		12,845		694		—		13,539		(160)
Stanislaus County, Colorado: Land & Improvements	9/14/2016	7,839		14,114		45		—		59		463		—		14,173		508		—		14,681		(131)
Fresno County, California: Land, Improvements & Permanent plantings	10/13/2016	3,277		2,937		139		3,452		—		—		—		2,937		139		3,452		6,528		(1,134)
Baca County, Colorado: Land & Improvements	12/28/2016	6,359		11,430		278		—		—		—		—		11,430		278		—		11,708		(278)
Martin County, Florida: Land & Improvements	1/12/2017	24,300		52,443		1,627		—		—		—		—		52,443		1,627		—		54,070		(391)


Yuma County, Arizona Land & Improvements	6/1/2017	11,529	12,390	12,191	—	151	16,140	—	12,541	28,331	—	40,872	(6,291)

Fresno County, California: Land, Improvements & Permanent plantings	7/17/2017	6,490	5,048	777	7,818	2,284	2,406	(1,124)	7,332	3,183	6,694	17,209	(1,772)
Santa Barbara County, California: Land, Improvements & Permanent plantings	8/9/2017	3,225	4,559	577	397	(50)	172	1,484	4,509	749	1,881	7,139	(658)
Okeechobee County, Florida: Land & Improvements	8/9/2017	4,788	9,111	953	—	985	1,378	—	10,096	2,331	—	12,427	(817)
Walla Walla County, Washington: Land, Improvements & Permanent plantings	9/8/2017	4,449	5,286	401	3,739	—	—	—	5,286	401	3,739	9,426	(2,728)
Baca County, Colorado Land & Improvements	10/2/2017	—	924	—	—	—	—	—	924	—	—	924	—
Fresno County, California: Land, Improvements & Permanent plantings	12/15/2017	2,947	2,016	324	3,626	(1)	—	(3)	2,015	324	3,623	5,962	(1,810)
Kern County, California: Land & Improvements	1/31/2018	1,987	2,733	249	—	(4)	1,529	—	2,729	1,778	—	4,507	(330)

Collier & Hendry, Florida Land & Improvements	7/12/2018	20,496	36,223	344	—	1	—	—	36,224	344	—	36,568	(220)

Kings County, California: Land, Improvements & Permanent plantings	9/13/2018	3,940	3,264	284	3,349	5	—	5	3,269	284	3,354	6,907	(587)
Madera, California: Land, Improvements & Permanent plantings	11/1/2018	12,776	12,305	1,718	9,015	13	411	(563)	12,318	2,129	8,452	22,899	(1,270)
Hartley County, Texas: Land & Improvements	11/20/2018	4,877	7,320	1,054	—	3	96	—	7,323	1,150	—	8,473	(298)
Merced County, California: Land	12/6/2018	4,485	8,210	—	—	5	—	—	8,215	—	—	8,215	—

Madera County, California: Land & Improvements	4/9/2019	16,102	8,074	2,696	17,916	—	1,549	—	8,074	4,245	17,916	30,235	(3,555)

Allegran and Van Buren County, Michigan: Land & Improvements	6/4/2019	2,840	1,634	800	2,694	—	—	—	1,634	800	2,694	5,128	(657)
Yolo County, California: Land & Improvements	6/13/2019	4,852	5,939	665	2,648	—	—	—	5,939	665	2,648	9,252	(493)
Monterey County, California: Land & Improvements	7/11/2019	5,549	8,629	254	—	2,174	1,845	—	10,803	2,099	—	12,902	(240)
Martin County, Florida: Land & Improvements	7/22/2019	35,494	51,691	6,595	—	4	1	—	51,695	6,596	—	58,291	(1,741)
Fresno County, California: Land & Improvements	8/16/2019	38,374	24,772	13,410	31,420	(3)	1,149	10	24,769	14,559	31,430	70,758	(5,977)
Ventura County, California: Land & Improvements	8/28/2019	12,340	20,602	397	—	172	1,599	—	20,774	1,996	—	22,770	(428)
Napa County, California: Land & Improvements	8/29/2019	17,212	27,509	1,646	2,923	3,235	1,264	427	30,744	2,910	3,350	37,004	(1,213)
Hayes County, Nebraska: Land & Improvements	10/7/2019	3,045	4,750	264	—	16	1	—	4,766	265	—	5,031	(143)
Hayes & Hitchcock County, Nebraska: Land & Improvements	10/7/2019	5,739	9,275	431	—	20	1	—	9,295	432	—	9,727	(259)
Phillips County, Colorado: Land & Improvements	1/15/2020	4,500	6,875	660	—	—	7	—	6,875	667	—	7,542	(196)

Kern County, California: Land, Improvements & Permanent plantings	6/24/2020	8,072	12,521	1,325	370	—	121	—	12,521	1,446	370	14,337	(108)
Wicomico & Caroline County, Maryland, and Sussex County, Delaware: Land & Improvements	8/31/2020	4,263	6,703	626	—	—	413	—	6,703	1,039	—	7,742	(172)
Fresno County, California: Land & Improvements	9/3/2020	17,911	15,071	4,680	11,921	—	69	—	15,071	4,749	11,921	31,741	(1,881)
Fresno County, California: Land, Improvements & Permanent plantings	10/1/2020	17,959	7,128	9,206	15,242	8	303	16	7,136	9,509	15,258	31,903	(2,351)


Ventura County, California: Land & Improvements	12/15/2020	12,450	19,215	1,264	—	48	3	—	19,263	1,267	—	20,530	(239)


Tulare County, California: Land, Improvements & Permanent plantings	12/17/2020	9,267		26,952		6,420		28,152		36		9		37		26,988		6,429		28,189		61,606		(5,367)
Whatcom County, Washington: Land, Improvements, & Permanent plantings	12/24/2020	16,610		8,219		7,228		16,281		18		187		35		8,237		7,415		16,316		31,968		(2,838)
San Joaquin County, California: Land, Improvements, & Permanent plantings	12/24/2020	21,883		12,265		2,142		19,924		6		40		10		12,271		2,182		19,934		34,387		(4,329)


San Joaquin County, California: Land, Improvements, & Permanent plantings	3/11/2021	—		—		4,306		—		—		—		—		—		4,306		—		4,306		(560)
Tehama County, California Land & Improvements & Horticulture	4/5/2021	22,336		27,747		2,512		6,600		103		34		—		27,850		2,546		6,600		36,996		(1,332)

Kern County, California Land & Improvements & Horticulture	6/4/2021	8,589		21,810		2,514		25,984		65		81		—		21,875		2,595		25,984		50,454		(3,826)
Van Buren County, Michigan: Land & Improvements & Horticulture	6/9/2021	7,795		3,677		4,391		5,233		14		44		70		3,691		4,435		5,303		13,429		(599)
Kern County, California Land & Improvements & Horticulture	8/11/2021	14,664		5,690		8,156		16,154		11		46		—		5,701		8,202		16,154		30,057		(2,226)
Yamhill County, Oregon Land & Improvements & Horticulture	8/11/2021	6,599		2,854		2,493		6,972		8		28		—		2,862		2,521		6,972		12,355		(822)
St. Lucie County, Florida Land & Improvements & Horticulture	8/18/2021	3,137		2,494		601		2,146		82		135		157		2,576		736		2,303		5,615		(346)



Kern County, California Land & Improvements & Horticulture	12/3/2021	13,259		22,363		2,894		62,744		23		67		—		22,386		2,961		62,744		88,091		(2,861)
Charlotte County, FL Land & Improvements & Horticulture	12/16/2021	4,742		7,275		75		—		2,034		1,224		—		9,309		1,299		—		10,608		(16)
Glenn, California Land & Improvements	6/16/2022	—		16,184		1,298		5,933		34		502		—		16,218		1,800		5,933		23,951		(400)
Franklin & Grant, Washington Land & Improvements & Horticulture	7/21/2022	—		11,437		1,607		15,798		162		7		41		11,599		1,614		15,839		29,052		(1,197)
Umatilla, Oregon Land & Improvements & Horticulture	7/21/2022	—		344		564		2,858		1		42		197		345		606		3,055		4,006		(72)
Miscellaneous Investments	Various	29,752		39,771		11,689		10,031		264		6,374		3,262		40,035		18,063		13,293		71,392		(6,781)

		$	629,954	$	832,446	$	156,971	$	352,795	$	13,333	$	71,395	$	5,454	$	845,779	$	228,366	$	358,249	$	1,432,395	$	(106,966)

(1)The aggregate cost for land, buildings, improvements, and permanent plantings for federal income tax purposes is approximately $1.5 billion.

(2)The Company computes depreciation using the straight-line method over the shorter of the estimated useful life or 50 for buildings, improvements, and permanent plantings; 5 to 20 years for equipment and fixtures; and the shorter of the useful life or the remaining lease term for tenant improvements.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2022 and 2021, respectively (dollars in thousands):


	2022		2021
Balance, beginning of period	$	1,357,800	$	1,095,439
Additions:
Acquisitions during the period	59,449		257,862
Improvements	20,030		8,181
Deductions:
Dispositions during period	(4,884)		(3,682)

Balance, end of period	$	1,432,395	$	1,357,800

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2022 and 2021, respectively (dollars in thousands):


	2022		2021
Balance, beginning of period	$	74,002	$	49,236
Additions during period	34,175		25,905
Dispositions during period	(1,211)		(1,139)
Balance, end of period	$	106,966	$	74,002